Duke Energy (DUK - Get Report) posted second-quarter results that surpassed analysts' estimates Tuesday and reaffirmed its guidance for the remainder of the year as the electricity and gas utility company saw higher base rates and rider revenues.
Charlotte, N.C.-based Duke Energy said earnings for the three months ending in June came int at $820 million, or $1.12 an adjusted share, compared to $500 million, or 72 cents an adjusted share in the comparable year-earlier quarter. Analysts polled by FactSet had been expecting earnings of 98 cents a share.
Operating revenue for the quarter came in at $5.87 billion, above the $5.64 billion the company posted a year ago and in line with analysts' forecasts. The company expects to post full-year per-share earnings of between $4.80 and $5.20.
"We delivered strong financial results in the quarter as we continue creating value for customers and shareholders," said CEO Lynn Good. "So far this year, we've grown earnings and increased our dividend. We remain on track to meet our commitments, and have reaffirmed our 2019 earnings guidance range and our longterm 4% to 6% earnings growth rate."
"Moving forward, we will continue to execute our long-term strategy for the benefit of our customers and investors, including advancing our legislative and regulatory priorities to support our vision of a cleaner energy future," Good added.
Duke closed at $86.96 each on the New York Stock Exchange Monday, after falling 1.32% on the session in a move that leaves the stock largely flat for the year-to-date.